Simple and Compound Interest Quiz

The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.

• the amount of money borrowed or deposited

• the percent interest for his year

• the amount taxed

• the amount the bank owes you for being a customer at their bank

Tags

CCSS.7.RP.A.3

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

• $800
• $1,000
• $1,200
• $1,500

Tags

TEKS.MATH.7.4D

The simple interest formula is I=Prt. What does the t represent?

• Principle

• Interest

• Time

• Percent Rate

Tags

CCSS.8.EE.C.7B

When calculating

interest, how do you write the percent?

• a fraction

• a decimal

• a round number

• not enough information

Write the percent as a decimal. 
4.3%

• 4.3
• .43
• .043
• 4300

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

• $7.50
• $26.25
• $87.5
• $262.50

Tags

CCSS.7.RP.A.3

Calculate the interest. I = PRT,

Principal = $1000,

Rate = 6%,

Time = 2 years

• $100

• $120

• $180

• 1200

Tags

CCSS.7.RP.A.3

Calculate the interest.  I = PRT,
Principal = $10000,
Rate = 7%,
Time = 20 years

• 1400
• 1000
• 14000
• 14

Tags

CCSS.7.RP.A.3

You lend $240 to your friend.  He pays you back $270.  What interest rate did you charge your friend?

• 88%
• 20%
• 12.5%
• 10%

Tags

CCSS.6.RP.A.3C

compound means _____________

• principle added into the interest

• principle subtracted from the interest

• just interest

• flovela